Crowded, motivated money makes outcomes unpredictable
“When practiced by large and increasing numbers of highly motivated people with huge amounts of money on a limited quantity of suitable securities, the result becomes highly unpredictable.”
Investing
Warren Buffett's 1968 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
Controlled investments rise with operating performance
“We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.”